Coinspeaker VeChain (VET) Price on Verge of Bullish Breakout Amid Rising Community Engagement
Amid the ongoing crypto bullish rebound led by Bitcoin (BTC), VeChain (VET) has signaled a potential breakout towards its all-time high. The mid-cap altcoin, with a fully diluted valuation of about $2.1 billion and a daily average traded volume of around $24 million, gained over 10 percent last week, thus signaling the onset of a bullish outlook.
VeChain Price and Key Targets
From a technical standpoint, VET price against the US dollar has been forming a double weekly bottom coupled with a bullish divergence on the Relative Strength Index (RSI), with a crucial support level around $0.022.
After being trapped in a bearish trend for the past six months, VET price could be on the cusp of a market reversal towards its all-time high soon. Furthermore, the daily time frame shows a possible head and shoulders (H&S) pattern coupled with a bullish divergence on the RSI.
Let's do this $Vet pic.twitter.com/iuDTw06YwW
— FLASH (@THEFLASHTRADING) August 24, 2024
If Bitcoin price continues on a bullish trajectory in the coming weeks, VET price will be well primed for further upward trend. Furthermore, Bitcoin dominance shows an inevitable macro reversal, which will kick start the much-anticipated altseason in the near term.
The crypto cash flow from Bitcoin to the altcoin industry will escalate further as the 2024-2025 bull cycle approaches its peak.
In this regard, the VET price will easily rebound to its all-time high in preparation for a parabolic rally through price discovery. Moreover, VET price has been forming a bullish flag in the last six months, which is often followed by a major bullish outburst.
Growing Web3 Ecosystem
As a veteran layer one blockchain, which has team members that have experienced the past crypto bull cycles, the VeChain network has grown into a vibrant web3 ecosystem. The number of known addresses on the VeChainThor blockchain amounts to more than 4.1 million.
According to the latest on-chain data, the VeChain network has over 28k known contracts with a relatable 101 authority nodes.
The VeChain network has established itself as a leader in global supply chain development to eliminate high frictions and points of failure. Already, the VeChain network has partnered with PWC, Walmart China, Bayer, BMW, BYD, DHL, DIG, and Haier, among many others to streamline their respective supply chains.
Decentralized Community Governance
In a bid to ensure sustainable future growth and development, the VeChain network has closely worked with its community. Recently, Sunny Lu, founder and CEO of VeChain, unveiled the VeBetterDAO to accelerate the ecosystem’s democratization.
In a bid to ensure sustainable growth for the VeBetterDAO, Lu proposed the temporary removal of quadratic funding and voting until a solution to the Sybil attack is found. Remarkably, the proposal was overwhelmingly supported by the VeChain community, with more than 8.2 million votes.
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VeChain (VET) Price on Verge of Bullish Breakout Amid Rising Community Engagement
